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Closure of LLP
An LLP can be closed, if it has not commenced business or is not engaged in the activity of business for the last 1 year. The closure application needs to be filed with the mutual consent of all the partners of the firm.
The Ministry of Corporate Affairs has recently amended Limited Liability Partnership Rules, 2009 by introducing the Limited Liability Partnership (Amendment) Rules, 2017 with effect from 20th May, 2017. With this amendment, LLP Form 24 has been introduced by the MCA and it is now possible to easily winding up of LLP by making an application to the Registrar for striking off name of LLP.
ComplianceIndia can help you with the simplest way to Strike of the LLP.
Reasons for Closure of the LLP
- The LLP can be closed which could not commence its business operations within one year of its incorporation. Meaning thereby there is absolutely no transaction in the LLP.
- There is no assets or liabilities in the LLP. All bank A/c must be closed, and the financial Statement of assets and liabilities of the LLP certified as true and correct by auditor/ chartered accountant in practice.
- There should not be any litigation or tax assessment pending for the LLP with any other Authorities.
- A LLP can be closed even when the LLP started its business but has been inoperative for the past one financial years.
- To avoid fines and penalty for late filing, it is better to strike off LLP’s which are inactive.
How we Work?
Documents Required for Closure of the LLP
Our charges for filing of LLP Closure starts from Rs. 1,999/-.
Frequently Asked Questions
1. Who can wind up or close down a Limited Liability Partnership?
The LLP winding up process can be done by either the LLP’s 3/4th of the total number of partners or the Registrar of Companies (ROC) in case the particular LLP is convicted of being associated with any illegal or fraudulent instance.
2. Is it mandatory to have the consent of all the partners to close an LLP?
Yes. Consent of all the partners is required to file the application for closure an LLP.
3. What is the utilization of the Form-24 in the LLP winding up process?
E-Form 24 is used for making an application to the Registrar of Companies for striking off the name of the LLP.
4. What is the easiest way of closure of LLP in India?
The name of Limited Liability Partnership can be applied for strike off by way of declaring it as defunct for a period of one year or more. This is the easiest way to close the LLP as there is no involvement or requirement of the Liquidator or Tribunal.
5. Which LLP can make an application to strike off its name from Register of Companies (LLP)?
The LLP which has not commenced any business under its name since its incorporation or the LLP which has ceased to operate can make an application under this route. In both cases, a period of one year shall be passed since the incorporation.
6. Can I proceed for strike off LLP in India if the LLP has assets and liabilities in its books of accounts?
The Limited Liability Partnership requires to first close its books of accounts after distribution of assets and payment of the liabilities. The statement shall be duly certified by the chartered accountant in practice. The care should be taken that the application of striking off of the LLP shall be made within 30 days from the date of the statement prepared.
7. In case of closure of defunct LLP, who has to sign the application?
In case of closure of defunct LLP, the designated partners have to sign the application for the closure of defunct LLP along with the consent of other partners.
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